Banking » Compare Banks » American Express Bank vs. HSBC Bank (USA): Which Bank Account Is Better?
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American Express Bank vs. HSBC Bank (USA): Which Bank Account Is Better?

American Express and HSBC focus on serving wealthier customers by providing services and features beyond the standard. How do they compare?
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: October 20, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

American Express and HSBC focus on serving wealthier customers by providing enhanced services and features beyond the standard offerings.

Let's compare them side by side: checking account options, savings accounts, CDs, and loan options.

Checking Accounts

For the average consumer, Amex is our winner. It offers free checking accounts, decent interest on balance, and other features to manage your money. 

On the other hand, The HSBC Premier Checking Account is best suited for individuals who maintain a higher level of financial resources and prioritize international banking services.

The Amex Rewards Checking is a checking account that earns interest and comes with no monthly fees.

It can be easily managed through the user-friendly Amex App or online platform, enabling you to effortlessly review transactions, transfer funds, and track rewards.

The HSBC Premier Checking Account is tailored for individuals seeking priority banking services and international accessibility.

To qualify, customers must maintain a balance of $75,000 across U.S. consumer and qualifying commercial accounts, or have monthly direct deposits of $5,000 or more, or maintain Private Bank status.

Bank Account
Monthly Fee
APY On Balance
Amex Rewards Checking
$0
1.00%
HSBC Premier Checking Account
$50 Can be waived if you maintain $75,000 in qualifying balances OR having monthly recurring direct deposits totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
0.01%

Amex Rewards Checking lets customers earn Membership Rewards points on eligible Debit Card purchases without any monthly fees. Amex provides round-the-clock customer service and fraud monitoring for added security.

Using the Amex App, mobile check deposits become effortless, and digital transfers make it simple to move money between linked accounts, including the Amex High Yield Savings account.

Moreover, you have the option to add your debit card to your digital wallet, allowing for speedy and convenient payments both in-store and online.

Bank Account
Main Features
Amex Rewards Checking
Interest on balance, mobile check deposits, digital transfers, debit card with purchase protection, rewards your everyday spending

Premier account holders enjoy benefits like global ATM access without HSBC fees, a fee-free HSBC Premier Debit World Mastercard for international transactions, and the convenience of fee-free transfers up to $200,000 per day to linked international HSBC accounts.

Additionally, the account offers online access to worldwide HSBC deposit accounts, overseas account opening support, and priority customer service, making it an appealing choice for frequent travelers and those with international financial needs.

Bank Account
Main Features
HSBC Premier Checking Account
Access to wealth products, priority services, global support, transfer funds, no HSBC fees on everyday transactions, Debit World Mastercard
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Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

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Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Savings Accounts

HSBC Bank wins when it comes to savings accounts as it offers a slightly higher rate than American Express. However, the difference is insignificant.

The HSBC Premier Relationship Savings account offers a higher Relationship APY when linked to an eligible Premier checking account, meeting additional eligibility criteria.

Both banks' benefits include a competitive rate, convenient online banking with bill pay, and FDIC insurance for deposited funds. Both banks don't have money market accounts for regular people.

HSBC Premier Relationship Savings
Amex Savings Account
Savings Rate
0.05% – 4.10%
4.10%
Minimum Deposit
$0
$0
Fees
$0 Customers must maintain $75,000 in qualifying balances OR having monthly recurring direct deposits totaling at least $5,000 from a third party OR having a HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
$0

Certificate Of Deposits (CDs)

If you need a CD, there is no clear winner as both HSBC and Amex banks offer very competitive rates, but only on specific CD terms.

Both accounts can be opened online. 

CD Term
APY
Early Withdrawal Penalty
12 Months
3.85%
270 days interest
18 Months
3.35%
270 days interest
24 Months
3.50%
270 days interest
36 Months
3.00%
270 days interest
48 Months
3.00%
365 days interest
60 Months
3.00%
540 days interest
CD Term
APY
6 Months
4.00%
12 Months
3.80%
24 Months
3.25%
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Savings Rate: 4.69% APY
CIT-Bank-Logo
Savings Rate: Up to 4.70% APY

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Savings Rate: 4.30% APY
Quontic bank logo
Savings Rate: 4.50% APY

valley direct logo

Savings Rate: 4.25% APY APY

consumers credit union logo

CD Rate: 5.00% – 5.20% APY
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We get compensated for these product offers

Credit Cards

American Express wins when it comes to credit cards. It is one of the top credit card issuers in the US, with many cards and different types of cards, co-branded cards, and various redemption options.

For everyday spending, there are straightforward cards like the Blue Cash Everyday® Card and the Blue Cash Preferred® Card from American Express. The American Express® Gold Card offers additional rewards for dining, groceries, and flights, which is particularly beneficial for travel enthusiasts.

For avid travelers seeking premium benefits, The Platinum Card® from American Express stands out as one of the best options. 

American membership Rewards program provides cardmembers with various benefits and rewards for using their American Express cards. Points can be redeemed for a variety of rewards, including travel, merchandise, gift cards, statement credits, and more.

Card
Rewards
Bonus
Annual Fee

AMEX Blue Cash Preferred Card review

Blue Cash Preferred® Card from American Express
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
$95 ($0 intro for the first year)

Amex gold

American Express® Gold Card
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.
$325

amex platinum

The Platinum Card® from American Express
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership
$695

Delta SkyMiles Gold American Express Card Review

Delta SkyMiles® Gold American Express Card
1X – 2X 2X miles on delta purchases, at restaurants worldwide (including take-out and delivery in the U.S) and at U.S. supermarkets, and 1x miles on all other eligible purchases
40,000 Miles 40,000 Bonus Miles after you spend $2,000 in purchases on your new Card in your first 6 months
$150, $0 intro first year

hilton honors card

Hilton Honors American Express Card
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership
$0

The HSBC Premier Credit Card features no annual fee, no foreign transaction fees, and provides global Wi-Fi access with Boingo. Cardholders enjoy up to $85 TSA Precheck credit, exclusive Mastercard Travel Rewards, and the ability to transfer points to 11 airlines and two hotel partners.

With a $395 annual fee, HSBC Elite Credit Card cardholders receive up to $400 in annual travel credits for airfare, hotels, and car rentals booked through HSBC Travel. Unlimited lounge access to 1,000+ airport lounges via LoungeKey is included, along with an exclusive Luxury Thank You Gift for reaching spending milestones. The card also has no foreign transaction fees. 

Card
Rewards
Bonus
Annual Fee

HSBC Premier Credit Card

HSBC Premier Credit Card
1x – 2x 2x points on travel (including airline, hotels, and car rental), 1× points on all other purchases
35,000 points 35,000 Bonus Points after spending $3,000 in the first 3 months from Account opening
$0

HSBC Elite Credit Card

HSBC Elite Credit Card
1x – 3x 3× points on travel (including airline, hotels, and car rental), 2× on dining, 1× points on all other purchases
$50,000 points 50,000 Bonus Points after spending $4,000 from the first 3 months of Account opening
$395

Mortgage And Loans

If you need to borrow money,  HSBC Bank is a better option for borrowers.

HSBC Bank is more into mortgages for buying homes, refinancing mortgages, loans for home equity and personal loans. On the flip side, Amex offers only personal loans.

Which Bank Is Our Winner?

Amex is our winner as it is a better fit for most consumers, with a decent checking option and a great selection of cards, while HSBC banking products designed for affluent and high-net-worth individuals.

However, it's important to think about different things, especially the ones that matter most to you. This might include looking at banking services, help with overdrafts, how often you use ATMs, how close the bank is to where you live, and other things that are different for each person.

How We Compared Amex Bank and HSBC: Methodology

In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:

  1. Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.

  2. Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.

  3. Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.

  4. Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.

  5. Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and reputation.

Compare American Express Bank

Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.

American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.

Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?

Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.

American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.

Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?

Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.

American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.

Read Full Comparison: American Express vs Chase Bank

The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.

Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.

Read Full Comparison: American Express vs Citi: Where to Save Your Money?

While CIT Bank lacks a credit card option, it does have a decent eChecking account, mortgages, and home loans. However, American Express has personal loans and an impressive choice of credit card options.

CIT Bank vs American Express: Which Bank Account Is Better For You?

While Amex has a decent checking account and better credit card options, Ally's CD and lending options are superior. Here's our comparison: American Express Bank vs. Ally Bank

For most consumers, Bank of America may be a better option. American Express is a solid option for customers with higher wealth. Here's why.

American Express Bank vs. Bank of America: Which Bank Account Is Better?

Chase Bank is our winner, while Amex and Chase offer great banking services and credit card portfolios. Here's our side-by-side comparison: American Express Bank vs. Chase Bank

While PNC Bank is a brick-and-mortar bank, American Express Bank's is an online bank. Let's compare their banking products side by side: American Express Bank vs. PNC Bank

U.S. Bank is one of the largest brick-and-mortar banks in the US, while Amex Bank is among the best online banks. Let's compare them: U.S. Bank vs. American Express Bank

Our preferred choice is American Express, which provides a comprehensive banking package that outshines Truist Bank. Here's how they compare: Truist Bank vs. American Express Bank

While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare? American Express Bank vs. TD Bank

Amex comes out on top with a solid checking option (which Barclays doesn't have), an excellent savings account, and great credit cards.

Barclays Bank vs. American Express Bank: Which Bank Account Is Better?

American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.

Synchrony Bank vs. American Express Bank: Which Bank Account Is Better?

Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 1/22/2025
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

fifth-third-bank-logo

Promotion:
$250 $250 cash bonus if you make direct deposits totaling $2,000 or more within 90 days of account opening.
No Minimum Deposit
Free checking account, no minimum balance, check writing, two days early paycheck

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$500 Use Promo Code “RC500” for a $500 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $2,500 You could earn $1,500 or $2,500 if you open a new, eligible HSBC Premier checking account from July 1, 2024 through November 22, 2024, and complete qualifying activities: • Get a $1,500 Cash Bonus: Add New Money of $100,000 to $249,999 in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. • Get a $2,500 Cash Bonus: Add New Money of $250,000+ in deposit and/or eligible investment accounts within 20 days of opening your new checking account and maintain the Qualifying Balance for 3 full consecutive months. – Cash Bonus will be deposited into your new checking account within 8 weeks of meeting all the offer requirements
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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